what does that tell us about what was going on at citi? >> it's sad, actually. citigroup is know-- you could say the financial crisis is over but in the throes of an existential crisis. it doesn't know what it wants to be. investors have been clamoring for a while for citigroup to simplify, to shed payrolls, to be good at something. it does everything, but it isn't market leading, necessarily, in any one category. and by and large, they got the layoffs, at least the beginning round of layoffs that they wanted today. >> ifill: we know many of these layoffs are noin the u.s., but i assume part of the relationship the stocks went up is people thought citigroup was too fat and needed this cutting. >> yes. citigroup it peaked in size at about 375,000 employees at the beginning of 2008. and it's now closer to 260,000 employees. so it has-- it has let go of a lot of people to be sure. but it's still a massive, hulking institution, and it's the product of, really, a strategy of the past 15 years of rolling up banks, buying up assets in the ground, in far-flung emerging